INSR.tech - A risk assessment app that generates results in seconds

The story of how we scaled a risk management platform with a Dynamic Risk Engine.

Industry

Insurance

Country

Singapore, Netherlands, Australia

React Js . Node Js . Python

Project Overview

The main aim of the INSR project was to solve a long-standing issue of risk assessment in the home and motor insurance domain. With in-depth research and a robust design approach, we were able to develop a platform for insurance companies to quickly assess the risk involved in providing insurance based on geography, traffic, and a list of other factors.

Our Task

Product Development

Dynamic Risk Engine Generation

Data aggregation

BACKSTORY

Insurance companies have long fought to solve the challenge of risk assessment. Analyzing data and providing the right cover for properties and vehicles had been and still is a daunting task for insurance companies. INSR was conceptualized as a risk-calculating tool for insurance companies—an intuitive app for insurance officers to quickly get in-depth insights on risks backed by credible data sources. With so many variables running in parallel to assess risks, it was vital to bring in a team that could combine all the data and provide meaningful insights through a well-designed app.

The need for INSR

Insurance risks keep changing based on geographic as well as demographic conditions. Weather, elevation, and traffic can all cause significant changes in risk for any particular location.

So the plan of action for INSR was to

Research all the associated data sources available publicly or through third-party integrations
Combine them to generate insights on the level of risk in any particular area.

Simplify the results into color-graded percentages for easy use.
Present them in an intuitive app that insurance companies could use without any learning curve.

The Challenge

We decided to release the first fully functioning version of INSR within 3 months. This was a huge challenge in itself considering the massive amounts of data that were required to be first found and then analyzed to create insights.

Collection, curation, and customisation of geospatial data from diverse sources to ensure comprehensive coverage for risk assessment and informed decision-making and outcomes.
The creation of a proprietary Digital Twin for an accurate assessment of the risks associated with insuring a particular location, object, and asset.
The creation of a proprietary Dynamic Risk Engine that intelligently identifies the appropriate data points and risk factors essential in determining the risk score and pricing for a specific insurance product.
Build an intuitive UI that is designed to streamline risk analysis processes for insurance companies, ultimately reducing lead times for policies and disbursement.

The Neoito impact

INSR has shrunk data validation for risk assessment and is set to partner with major players in the insurance industry. Currently operational in Singapore, Australia, and the Netherlands the app is getting widely adopted, implying its user-friendliness and the value of the results it provides.

Testimonials

“NEOITO's expertise in software development, attention to detail, and quick response to feedback/changes combined with their commitment to delivering high-quality results, resulted in a highly effective and user-friendly solution.”

Sander Hansen

Founder, INSR

the result

From an idea to an ever-improving app, INSR has steadily grown to become a go-to platform for insurance companies to assess risk in seconds. With more and more datasets coming in, the app has improved its reliability in a matter of months. Insurance officers can now geolocate an area to quickly assess risks and adjust insurance figures accordingly. Through continuous feedback, INSR is set to become a major player in the insurance risk assessment domain.